Under his bail conditions, he has to provide security of £100,000, hand over his and his wife’s passports, wear an electronic tag and report to police three times a week.

“The context in which I grant you bail is the knowledge that both in this country and throughout the world your assets are frozen and your ability to obtain money is limited,” the judge said.

Writing on his well-known blog, the millionaire denied any wrongdoing and accused top Croatian officials of plotting against him for political reasons.

An audit performed by PricewaterhouseCoopers on behalf of Agrokor’s state-appointed management showed a net loss of 11bn kuna (£1.28bn) last year and 3.6bn kuna (£420m) in 2015.

Agrokor’s net worth for the two years was reduced by 22bn kuna (£2.6bn).

Suppliers, bondholders and banks, including about £969m held by Russia’s Sberbank, provided credit to Agrokor.

Timothy Otty, Todoric’s lawyer, told the court his client is an extremely successful businessman who founded the group, which has been in existence for 40 years.

A full extradition hearing will take place in April 2018.

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